Oman’s energy firm OQ taps banks for IPO of two units - Report

Oman’s state energy firm OQ has invited banks to participate in the initial public offerings (IPO) of two of its units, Bloomberg reported.

The energy group plans to list its exploration and production business, and its methanol and liquefied petroleum gas unit, the report said, citing people familiar with the matter.

OQ Exploration & Production may raise around $1 billion in the IPO, the report said.

The IPOs will hit the market this year, but the timings are still preliminary.

The move comes after OQ launched the IPO of its gas pipelines business last year, raising $749 million, as part of its long-term divestment plan.

OQ Exploration & Production focuses on the group's upstream assets, while the methanol and liquefied petroleum gas plants are located in Salalah, south of Oman, the report added.       

(Editing by Brinda Darasha; brinda.darasha@lseg.com)